voc 3 Flashcards
GDP (Gross Domestic Product)
The total value of everything a country produces, used to measure economic health. (PIB)
The global economic meltdown
A severe worldwide economic crisis, like the one in 2008.
To go bankrupt
When a person or business can’t pay back their debts and legally declares they have no money.
To go through a bad patch
When the economy, or a business, experiences a difficult period.
Great depression
The severe worldwide economic depression of the 1930s.
The housing bubble
When house prices increase rapidly and unsustainably, eventually leading to a crash.
The housing crisis
A situation where people struggle to afford housing or face foreclosures.
Inexorable
Something that is unstoppable, like a long-term economic trend.
Insolvent
When a person or business can’t pay its debts and owes more than it owns.
Interest
Extra money paid back on a loan, usually a percentage of the loan amount.
To lay off workers
When a company lets employees go because of financial difficulties.
To lend money to somebody
To give someone money that they will pay back later, often with interest.
Line up
When companies or investors prepare for a specific financial move.
A loan
Money borrowed that must be repaid with interest.
To make workers redundant
When employees lose their jobs because their roles are no longer needed.
